Fortuna Mining (NYSE:FSM) Rating Increased to Buy at Wall Street Zen

Fortuna Mining (NYSE:FSM) (TSE:FVI) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

A number of other analysts have also weighed in on FSM. Scotiabank increased their target price on shares of Fortuna Mining from $8.50 to $10.50 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research report on Tuesday, October 14th. BMO Capital Markets reiterated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, August 8th. CIBC boosted their target price on Fortuna Mining from $7.00 to $8.00 and gave the company an “underperformer” rating in a research note on Tuesday, July 15th. Finally, Zacks Research downgraded Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fortuna Mining has a consensus rating of “Hold” and an average price target of $9.25.

Fortuna Mining Trading Up 2.4%

Shares of Fortuna Mining stock opened at $8.17 on Friday. Fortuna Mining has a 1 year low of $4.13 and a 1 year high of $9.81. The company has a 50 day simple moving average of $8.38 and a two-hundred day simple moving average of $7.18. The firm has a market cap of $2.51 billion, a PE ratio of 16.35 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The firm had revenue of $246.75 million during the quarter, compared to analysts’ expectations of $242.19 million. Analysts expect that Fortuna Mining will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortuna Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Fortuna Mining by 1,623.8% in the third quarter. Vanguard Group Inc. now owns 4,562,023 shares of the basic materials company’s stock worth $40,844,000 after purchasing an additional 4,297,370 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Fortuna Mining in the 1st quarter worth about $17,032,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Fortuna Mining by 123.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company’s stock worth $29,553,000 after acquiring an additional 2,688,900 shares in the last quarter. Jump Financial LLC bought a new position in shares of Fortuna Mining in the 1st quarter worth about $14,076,000. Finally, Acadian Asset Management LLC boosted its stake in Fortuna Mining by 44.8% during the second quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company’s stock worth $45,815,000 after acquiring an additional 2,171,847 shares in the last quarter. 33.80% of the stock is owned by hedge funds and other institutional investors.

Fortuna Mining Company Profile

Fortuna Mining Corp. engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It operates through Mansfield, Sanu, Sango, Cuzcatlan, Bateas, and Corporate segments. The company primarily explores for silver, lead, zinc, and gold. Its flagship project is the Séguéla gold mine, which consists of approximately 62,000 hectares and is located in the Worodougou Region of the Woroba District, Côte d’Ivoire.